No, and here is why:
1- According to INS rules, if a person applies for adjustment of status and then leaves the country without obtaining advanced parole beforehand, that person is deemed to have abandoned their adjustment application. (There are exceptions, such as H visas, but F visas do not fall under this exception).
2- So technically she might be able to return as an F-1 student (but her adjustment application will be denied). However, then she runs into another problem: She is trying to enter the US as a non-immigrant (F-1) even though she is an applicant for a green card. So even though her green card will be denied, she still clearly showed intent to immigrate by applying. Therefore, she may very well be denied entry by the agents at the port of entry.
You are better off finding out if the a school will still enroll a student who is on "parolee" status (adjustment applicant) instead of F-1. I don't know the answer to this question myself. But that's the law as far as AOS and non-immigrant visas. Another option will be to ask the school if H-4 individuals can continue studies (for example, J-2 dependents can, but you need to ask about H-4, or search this web site for the answer). If so, then you can change her status to H-4 (as you are H-1B) and, as H visas are an exception to the advanced parole rule, she can travel and return on H-4 while her I-485 is pending with no problems, and continue her studies. The disadvantage of this option is that, if she is allowed to study, she will still not be allowed to work as H-4. She can apply for employment authorization if she wants (EAD) because of her I-485, but if she uses it, she loses her H-4 status and becomes an "adjustment applicant" subject to the advanced parole rules.
Hope you're not confused....